There may finally be a solution for those who want to spend Bitcoin and other cryptocurrencies at major retailers like Whole Foods Market and Office Depot. The payment processor Flexa is flexing its muscles with a new app that gives individuals easy access to their crypto for spending.
This news could signal a major boost in the mainstream appeal of Bitcoin, Ethereum, and other tokens. Owners of these digital assets have long been looking for a way to spend their tokens with ease. Flexa is primed to make that happen.
Flexa Announces New App for Spending Crypto
Flexa made its groundbreaking announcement at the Consensus Conference in New York City on May 13 2019. The app, named Spedn, was revealed by Tyler Spalding. Spalding is a co-founder of Flexa. He stated that the Spedn app is already live. Spalding then rolled out a list of retailers that have already entered into agreements with Flexa to permit use in their store. These include:
- Barnes & Noble
- Bed, Bath, & Beyond
- Office Depot
- Whole Foods Market
Flexa expects that many more retailers will ultimately sign on to the Spedn app. The goal of the app is to make it easier to access cryptocurrency for spending at physical retailers. It is also a goal of the company to make sure that retailers receive the same traditional fiat payments that they are accustomed to receiving from credit and debit card transactions. The app is envisioned to be a win-win for all involved.
Spedn App Stresses Simplicity
So far there are 15 major US retailers than have jumped on the Flexa bandwagon. It seems that the appeal of the Flexa cryptocurrency app is simplicity. It makes it easy for both users and retailers to deal in cryptocurrency. The lack of simplicity has previously been a stumbling block for integrating cryptocurrency payment systems.
There are three precise steps to using the Spedn app. The first is that users must add cryptocurrency to their Spedn wallet. The app supports several different tokens. The next step is to pull up the retailer that one wants to make a purchase from. The final step is to scan a code.
Spalding went on to further clarify how it works. Users can choose from Bitcoin, Ether, Bitcoin Cash, or Stablecoin to make their purchase. Spedn has also established a partnership with Gemini to insure wallets through the exchange’s existing infrastructure. 16 months of work went into developing the Spedn app for Flexa. The company made a determined attempt to develop a platform that features lower processing fees in addition to fraud prevention.
Low processing fees have always been a staple of cryptocurrencies like Bitcoin and Ethereum. The problem has been the speed at which transactions could be processed. This app has the potential to provide seamless transactions that are approved in a matter of seconds, just like those that are made with credit and debit cards.
Spedn approaches the matter of spending cryptocurrency at major retailers a little differently than some other platforms. There are many cryptocurrency debit cards that let users load crypto before converting it to cash so it can be spent. Spedn elminates this by the creation of partnerships with retailers that move around existing payment systems.
At the present time only those who attended the Consensus Conference have received invitations to download the app. Flexa says that more invites will be extended in the coming weeks as beta users become more comfortable with using the app.
Flexa raised more than $14.1 million in start-up capital to fund the delivery of this app for cryptocurrency. The development comes as more retailers are warming up to the idea of accepting cryptocurrency for purchases. A major Swiss retailer named Digitec Galaxus has recently begun to accept 10 various digital tokens for purchases that total more than $200.
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